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                      L A T I N  A M E R I C A

              Friday, June 4, 2010, Vol. 11, No. 109

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: Vantis PLC Provide Liquidation Update


A R G E N T I N A

BANCO DE SERVICIOS: Moody's Assigns 'Ba2' Foreign Debt Ratings
BANCO CETELEM: Moody's Assigns Low-B Currency Debt Ratings
* ARGENTINA: Judge Gives Another Restraining Order on Bank Assets


B R A Z I L

BANCO CRUZEIRO: Moody's Gives Stable Outlook; Keeps 'D' Ratings
BANDEIRANTE ENERGIA: Moody's Assigns 'Ba1' Local Currency Rating
BES INVESTIMENTO: Moody's Confirms 'D+' Bank Strength Ratings
CAIXA ECONOMICA: Signs Financing Agreement With Tam Sa
GERDAU AMERISTEEL: Sues US EPA Over Johnson Memo Reconsideration

GERDAU AMERISTEEL: Parent Agrees to Pay US$1.7 Billion for Firm
GERDAU SA: Agrees to Pay US$1.7 Billion for Gerdau Ameristeel
GERDAU SA: Moody's Rtngs. Unmoved by Possible Ameristeel Share Buy
GOL LINHAS: Discloses IATA Membership
JBS SA: International Investors Buy 39% Of Brazil JBS Share Offer

TAM SA: Signs Financing Agreement With Caixa Economica


C A Y M A N  I S L A N D S

ABASTECIMIENTOS: Creditors' Proofs of Debt Due on August 16
ACEITERA DONA: Requests for Preventive Contest
EXEL MED: Creditors' Proofs of Debt Due on August 23
GATE SME: S&P Takes Various Rating Actions on Three CLO Deals
MADEIMPRES SA: Asks for Preventive Contest

RETRIEVERS SA: Creditors' Proofs of Debt Due on July 5


J A M A I C A

DIGICEL GROUP: Loses Appeal, Call Rates Could Fall
SUGAR COMPANY OF JAMAICA: Investors Seek Remaining Factories


M E X I C O

BANCO DEL BAJIO: Fitch Affirms 'BB+' Issuer Default Rating
CEMEX SAB: Discloses Cash Payment of "Certificados Bursatiles"
GMAC FINANCIERA: S&P Downgrades Ratings on 11 RMBS Tranches
TRANTEL INTERMEDIA: Fitch Withdraws 'D' Rating After Default
VESPUCIO NORTE: S&P Affirms 'BB' Rating; Gives Stable Outlook

VESPUCIO NORTE: S&P Affirms 'BB' Rating With Stable Outlook
VITRO SAB: Trading Suspended in Mexico on Missed Deadline
VITRO SAB: Fitch Withdraws 'D' Long-Term Issuer Default Rating


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Ships Third RBOB Shipment Abroad
PETROLEOS DE VENEZUELA: Exec Inspects Alberto Lovera & HELVESA




                         - - - - -


===============================
A N T I G U A  &  B A R B U D A
===============================


STANFORD INT'L: Vantis PLC Provide Liquidation Update
-----------------------------------------------------
The Joint Liquidators of Stanford International Bank Ltd, Nigel
Hamilton-Smith and Peter Wastell of Vantis Business Recovery
Services, provided an update in relation to the bank.  A full-text
copy of the announcement in relation to the Co-Operation agreement
between Antiguan Liquidators and US Receiver in relation to the
assets of SIBL (in liquidation) and the lifting of Antiguan land
asset restrictions by the Government of Antigua & Barbuda can be
found on http://www.vantisplc.com/stanford/

Further communications will be issued when practicable.  In the
meantime, the Joint Liquidators continue to deal with investors
via the SIBL Online Claims Management System and, to date, several
thousand have accessed the service.  The Joint Liquidators shall
continue to verify and confirm claims.

The Receivers of Stanford Trust Company Limited can also confirm
that they are now taking steps to agree the claims of the clients
of STC with SIB.  It is anticipated the clients of STC will be
able to obtain login credentials for the SIB Online Claims
Management System by the end of June and further correspondence
will be issued at that time.

              About Stanford International Bank

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under management
or advisement.  Stanford Private Wealth Management serves more
than 70,000 clients in 140 countries.

On February 16, 2009, the United States District Court for the
Northern District of Texas, Dallas Division, signed an order
appointing Ralph Janvey as receiver for all the assets and records
of Stanford International Bank, Ltd., Stanford Group Company,
Stanford Capital Management, LLC, Robert Allen Stanford, James M.
Davis and Laura Pendergest-Holt and of all entities they own or
control.  The February 16 order, as amended March 12, 2009,
directs the Receiver to, among other things, take control and
possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.

The U.S. Securities and Exchange Commission, on Feb. 17, 2009,
charged before the U.S. District Court in Dallas, Texas, Mr.
Stanford and three of his companies for orchestrating a
fraudulent, multi-billion dollar investment scheme centering on an
US$8 billion Certificate of Deposit program.  A criminal case was
pursued against him in June 2009 before the U.S. District Court in
Houston, Texas.  Mr. Stanford pleaded not guilty to 21 charges of
multi-billion dollar fraud, money-laundering and obstruction of
justice.  Assistant Attorney General Lanny Breuer, as cited by
Agence France-Presse News, said in a 57-page indictment that Mr.
Stanford could face up to 250 years in prison if convicted on all
charges.  Mr. Stanford surrendered to U.S. authorities after a
warrant was issued for his arrest on the criminal charges.  The
criminal case is U.S. v. Stanford, H-09- 342, U.S. District Court,
Southern District of Texas (Houston).  The civil case is SEC v.
Stanford International Bank, 3:09-cv-00298-N, U.S. District Court,
Northern District of Texas (Dallas)


=================
A R G E N T I N A
=================


BANCO DE SERVICIOS: Moody's Assigns 'Ba2' Foreign Debt Ratings
--------------------------------------------------------------
Moody's Latin America assigned a Aa1.ar and a Aa3.ar national
scale local and foreign currency debt ratings to Banco de
Servicios Financieros S.A.'s senior debt program in the amount of
ABRL300 million.  The program allows for multicurrency debt
issuances.  In addition, the national scale, local currency debt
rating of Aa1.ar was assigned to the expected first issuance of
the program, for up to ABRL50 million.

At the same time, Moody's Investors Service assigned a Ba2 and a
B2 global local and foreign currency debt ratings to the program.
Moody's also assigned a Ba2 global local-currency debt rating to
the first takedown under the program.

Moody's noted that seniority was taken into consideration in the
assignment of the debt rating and that a senior debt is usually
rated equally than the senior global local currency deposit rating
(i.e. Ba2 for BSF).  Moreover, the rating agency mentioned that
the B2 global debt rating is constrained by the foreign currency
bond ceiling for Argentina (i.e. B2).

The outlook on all ratings is stable.

Banco de Servicios Financieros Argentina S.A. is headquartered in
Martinez, Argentina, and it had assets of ABRL405.6 million and
total loans of ABRL437.8 million, as of March 2010.

These ratings were assigned to Banco de Servicios Financieros
S.A.:

ABRL300 million (or its equivalent in other currencies) senior
debt program:

  -- Global Local Currency Debt Rating, Ba2 with stable outlook
  -- Global Foreign Currency Debt Rating, B2 with stable outlook
  -- Argentina National Scale Local Currency Debt Rating, Aa1.ar
  -- Argentina National Scale Foreign Currency Debt Rating, Aa3.ar

ABRL50 million senior unsecured debt issuance:

  -- Global Local Currency Debt Rating, Ba2 with stable outlook
  -- Argentina National Scale Local Currency Debt Rating, Aa1.ar


BANCO CETELEM: Moody's Assigns Low-B Currency Debt Ratings
----------------------------------------------------------
Moody's Latin America assigned a Aaa.ar and a Aa3.ar national
scale local and foreign currency debt ratings to Banco Cetelem
Argentina S.A.'s senior debt program in the amount of
ABRL300 million (Programa Global de Obligaciones Negociables).
The program allows for multicurrency debt issuances.  In addition,
national scale local currency debt ratings of Aaa.ar were assigned
to the expected two tranches under the first issuance of the
program, amounting ABRL25 million and ABRL20 million respectively.

At the same time, Moody's Investors Service assigned a Ba1 and a
B2 global local and foreign currency debt ratings to the program.
Moody's also assigned a Ba1 global local-currency rating to the
two aforementioned tranches.  The local currency debt ratings
reflect Cetelem's status as a subsidiary of Cetelem S.A., France,
as well as the formal guarantee provided by BNP Paribas to Banco
Cetelem debt.

In addition, Moody's noted that seniority was taken into
consideration in the assignment of the debt rating and that a
senior debt is usually rated equally than the senior global local
currency deposit rating (i.e. Ba1 for Banco Cetelem).

Moreover, the rating agency mentioned that the B2 global debt
rating is constrained by the foreign currency bond ceiling for
Argentina (i.e. B2).

The outlook on all ratings is stable.

Banco Cetelem Argentina S.A. is headquartered in Vicente Lopez,
Argentina, and it had assets of ABRL 305.3 million and total loans
of ABRL 288.4 million, as of December 2009.

These ratings were assigned to Banco Cetelem Argentina S.A.:

* ABRL300 million (or its equivalent in other currencies) senior
  debt program:

  -- Ba1 Global Local Currency Debt Rating, with stable outlook
  -- B2 Global Foreign Currency Debt Rating, with stable outlook
  -- Aaa.ar Argentina National Scale Local Currency Debt Rating
  -- Aa3.ar Argentina National Scale Foreign Currency Debt Rating

* First Issuance: ABRL45 million issued in two tranches

  -- ABRL25 million senior unsecured debt issuance, first tranche:
  -- Ba1 Global Local Currency Debt Rating, with stable outlook
  -- Aaa.ar Argentina National Scale Local Currency Debt Rating

* ABRL20 million senior unsecured debt issuance, second tranche:

  -- Ba1 Global Local Currency Debt Rating, with stable outlook
  -- Aaa.ar Argentina National Scale Local Currency Debt Rating


* ARGENTINA: Judge Gives Another Restraining Order on Bank Assets
-----------------------------------------------------------------
Dow Jones' Daily Bankruptcy Review reported that a U.S. judge has
issued another restraining order against assets held in the U.S.
by Argentine state-run commercial bank Banco de la Nacion
Argentina in a dispute over the country's default on billions of
dollars in sovereign bonds.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
October 9, 2009, Standard & Poor's Ratings Services said that it
lowered to 'B-' from 'B' its local currency long-term issuer
credit rating on the City of Buenos Aires.  At the same time,
Standard & Poor's affirmed its 'B-' foreign currency long-term
issuer credit rating.  The outlook on the local and foreign
currency long-term issuer credit ratings is stable.


===========
B R A Z I L
===========


BANCO CRUZEIRO: Moody's Gives Stable Outlook; Keeps 'D' Ratings
---------------------------------------------------------------
Moody's Investors Service changed to stable, from negative, the
outlook on all ratings assigned to Banco Cruzeiro do Sul S.A.  No
changes were made to these ratings: bank financial strength rating
of D; global local currency and foreign currency deposit ratings
of Ba2 and Not Prime, in the long- and short-term, respectively;
long-term foreign currency senior unsecured debt rating of Ba2;
long-term foreign currency subordinated debt rating of Ba3; and
Brazilian national scale deposit ratings of A1.br and BR-1, in the
long- and short-term, respectively.

Moody's noted that the stable outlook acknowledges BCSul's ability
to navigate a liquidity downturn, which it achieved mainly by
selling portions of its highly-marketable loan portfolio to manage
immediate liquidity needs.  Such funding alternative ensured that
loan origination could be maintained, although core profitability
suffered with much higher funding costs.  BCSul's consolidated
position in the payroll lending business, where it holds an
estimated 6.1% market share, has however, been largely preserved,
as indicated by growing number of active borrowers it continues to
attract.  Moody's said that BCSul should be able to defend its
market position as competition intensifies, considering that it
continues to access new clients and to leverage its origination
capacity via credit sales.

BCSul's key challenges include: (1) the bank's intrinsic liquidity
management risk, as reflected in its reliance on short-term
funding to finance longer-duration loan portfolio; (2) the
sensitiveness of its financial margins to interest rates
fluctuations and swings in funding costs; and 3) the growing
competitive pressures on in its core business.

With respect to BCSul's capitalization, Moody's notes that capital
could be rapidly consumed as the bank retains increasing loan
volumes on its balance sheet aiming to enhance revenue generation.

The last rating action on BCSul was on December 10, 2008, when
Moody's downgraded the bank's bank financial strength rating to D
from D+, and long-term local-currency debt and bank deposit
ratings to Ba2 from Ba1.  The outlook was changed to negative.

BCSul is headquartered in Sao Paulo, Brazil, and it had total
assets of BRL7,678 million (US$4,263 million) and total equity of
BRL1,093 million (US$604 million) as of March 30, 2010.

These ratings assigned to Banco Cruzeiro do Sul had its outlook
changed to stable from negative:

* Long term global local currency deposit rating -- Ba2
* Long term foreign currency deposit rating -- Ba2
* Long term Brazilian national scale deposit rating -- A1.br
* Long term foreign currency senior unsecured debt rating -- Ba2
* Long term foreign currency subordinated debt rating -- Ba3


BANDEIRANTE ENERGIA: Moody's Assigns 'Ba1' Local Currency Rating
----------------------------------------------------------------
Moody's America Latina Ltda assigned a Ba1 local currency rating
on the global scale and Aa2.br rating on the Brazilian national
scale to the 6-year BRL390 million amortizing unsecured
subordinated debentures to be issued by Bandeirante Energia S.A.
in the local market.  At the same time, Moody's affirmed
Bandeirante's Baa3 issuer rating on the global scale and Aa1.br
issuer rating on the Brazilian national scale.  The outlook is
stable for all ratings.

The proceeds of the debentures will be mostly used to lengthen the
company's debt profile and strengthen its cash position.

The Baa3 issuer rating reflects the relatively strong credit
metrics for the rating category, the fairly stable and predictable
cash flow stemming from a long-term concession to distribute
electricity in a relatively wealthy service area in the state of
Sao Paulo, along with an evolving liquidity position.  The ratings
also incorporate the overall investment-grade credit profile of
the group, EDP Energias do Brasil, its resilient access to the
local capital markets and the strong ownership of its ultimate
parent company EDP - Energias de Portugal (A3; stable).

The ratings are constrained by the relatively high dividend pay-
out ratio of Bandeirante, relatively sizeable capital expenditures
within the group in Brazil and the evolving Brazilian regulatory
environment.

The rating of the debentures is one notch lower than Bandeirante's
Baa3 issuer rating to reflect the subordination of the debentures
to any other debt.  In accordance with CVM's (Brazilian securities
exchange) guidelines any debt whose amount exceeds or is higher
than the company's equity capital is required to be subordinated
to any other existing or future debt.

Bandeirante has healthy profitability and solid cash generation
driven by the fairly stable nature of its regulated distribution
business.  In the past five years, cash drains have mainly
consisted of capital expenditures and the relatively high
distribution of dividends which, however, have been in line with
the company's internal cash generation.  This is evidenced by the
steady financial leverage as measured by the Debt to EBITDA ratio
of 1.7x in 2009, which is well below its peer group and very
strong for the Baa3 rating category

Going forward, Moody's forecasts that Bandeirante will benefit
from a growing volume of sales given the forecasted growth in
economic activity in the state of Sao Paulo through October 2011,
at which time Bandeirante's tariffs will be subject to the third
tariff review.  At that time Moody's expects a further reduction
in tariffs to reflect productivity gains to be transferred to
consumers since the second tariff review, and the application of a
lower WACC in the face of lower borrowing costs and lower country
risk.

Despite strong cash flow from operations, Bandeirante's Retained
Cash Flow to Debt remains constrained by its high distribution of
dividends.  Nevertheless, Moody's expects that RCF to Debt should
remain in the mid-teen percent range for the next three years.  As
a result, Free Cash Flow will tend to range from slightly negative
to modestly positive through the medium term horizon, which might
result in some increase in the level of indebtedness but keep
metrics strong for the Baa3 rating category.

The Aa1.br issuer rating on the national scale rating reflects the
standing of the company's credit quality relative to its domestic
peers.  Moody's National Scale Ratings are intended as relative
measures of creditworthiness among debt issuances and issuers
within a country, enabling market participants to better
differentiate relative risks.  NSRs in Brazil are designated by
the ".br" suffix.  Issuers or issues rated Aa1.br demonstrate very
strong creditworthiness relative to other domestic issuers.  NSRs
differ from global scale ratings in that they are not globally
comparable to the full universe of Moody's rated entities, but
only with other rated entities within the same country.

The last rating action for Bandeirante was on May 08, 2009 when
Moody's assigned a BR-1 national scale short-term rating to the
issuance of 360-day BRL 230 million promissory notes.

Bandeirante Energia S.A., headquartered in Sao Paulo, Brazil, is
an electricity distribution utility fully controlled by EDP -
Energias do Brasil that serves around 1.5 million clients in the
eastern portion of the industrialized state of Sao Paulo.  In the
last twelve months ended March 31, 2010, Bandeirante reported net
revenues of BRL2,149 million (US$1,143 million) on sales of 13,674
GWh, representing 3.44% of the electricity consumed in Brazil's
integrated system.


BES INVESTIMENTO: Moody's Confirms 'D+' Bank Strength Ratings
-------------------------------------------------------------
Moody's Investors Service confirmed all of BES Investimento do
Brasil S.A.'s ratings,: the bank financial strength rating of D+,
with a stable outlook; the global local-currency deposit ratings
and the foreign-currency senior unsecured debt ratings of Baa2 and
P-3, both with a negative outlook; the foreign-currency deposit
ratings of Baa3 and P-3, with a positive outlook; and the long-
term Brazilian national scale deposit rating of Aaa.br, with a
stable outlook.  The short-term Brazilian national scale rating of
BR-1 was affirmed.

The rating action concludes the review for possible downgrade on
ratings initiated in May 10, 2010.

Moody's mentioned that the confirmation of BESI Brasil's BFSR at
D+ is supported by the bank's limited dependence on parent Banco
Espirito Santo S.A. both for business origination and funding, as
indicated by revenues generation that is predominantly derived
from the bank's domestic activities.  The financial metrics of the
Brazilian subsidiary, namely profitability, liquidity and capital
ratios, indicate a consistent and independent performance that
cushions the bank's franchise from a potential weakening of its
parent creditworthiness, Moody's said.  The rating confirmation
was also supported by BESI Brasil's well-managed liquidity
position, which has not included any funding resources from the
parent company over the past 12 months.

Moody's explained that the negative outlook on BESI Brasil's
global local currency deposit and debt ratings derives from its
assessment of parental support, which in turn, is based on the
parent company's ratings, currently with a negative outlook.
Therefore, a downgrade of Banco Espirito Santo's financial
strength rating may affect the GLC deposit and the debt ratings of
BESI Brasil.  The bank's Baa3 foreign-currency deposit rating has
a positive outlook because it is constrained by the country
ceiling for foreign-currency deposits, which also has a positive
outlook.

Moody's last rating action on BESI Brasil was on May 10, 2010,
when Moody's Investors Service placed on review for possible
downgrade the ratings of BESI Brasil following the review for
downgrade of all ratings of Banco Espirito Santo S.A.

BES Investimento do Brasil S.A is headquartered in Sao Paulo,
Brazil.  In December 2009, the bank had total assets of
approximately BRL4.1 billion (US$2.4 billion) and equity of
BRL421 million (US$242 million).

These ratings of BES Investimento do Brasil were confirmed:

  -- Bank financial strength rating: D+, with stable outlook;

  -- Global local-currency deposit ratings: Baa2 and P-3, with
     negative outlook;

  -- Foreign-currency senior unsecured debt ratings: Baa2 and P-3,
     with negative outlook;

  -- Foreign-currency deposit ratings: Baa3 and P-3, with positive
     outlook;

  -- Long-term Brazilian national scale deposit rating: Aaa.br,
     with stable outlook.

This rating was affirmed:

  -- Short-term Brazilian national scale deposit rating: BR-1


CAIXA ECONOMICA: Signs Financing Agreement With Tam Sa
------------------------------------------------------
Tam SA signed an agreement with Caixa Economica Federal to help
finance purchases of Tam air tickets and package holidays, Laura
Price at Bloomberg News reports, citing Libano Barroso, chief
executive officer of the airline.

According to the report, Mr. Barroso said that clients will be
able to pay for tickets in installments from 10 months to 36
months at "competitive" interest rates.  The financing has been
available in April in Sao Paulo and May in the rest of Brazil.

Headquartered in Brasilia, Caixa Economica Federal --
http://www.caixa.gov.br/-- is a Brazilian bank and one of the
largest government-owned financial institutions in Latin America.
Founded in Jan. 12, 1861, Caixa Economica is the second biggest
Brazilian bank, second only to Banco do Brasil, and offers
services in thousands of Brazilian towns, ranking third in Brazil
in number of branches.  The company has more than 32 million
accounts and controls more than US$170 billion.  It is responsible
for executing policies in the areas of housing and basic
sanitation, the administration of social funds and programs and
federal lotteries.

                           *     *     *

Caixa Economica Federal continues to carry a Ba2 foreign currency
deposit rating from Moody's Investors Service.  The rating was
assigned by Moody's in May 2008.

                           About TAM SA

Based in Sao Paulo, Brazil, TAM S.A. -- http://www.tam.com.br/--
has business agreements with the regional airlines Pantanal,
Passaredo, Total and Trip.  As of Jan. 14, the daily flight on the
Corumba -- Campo Grande route in Mato Grosso do Sul began to be
operated by a partnership with Trip.  With the expansion of the
agreement with NHT, TAM will now be serving 82 destinations in
Brazil, 45 of which with its own flights.  In addition, the
company is strengthening its presence in Rio Grande do Sul and
Santa Catarina.

                           *     *     *

As of May 20, 2010, the company continues to carry Standard and
Poor's "B+" LT Issuer credit ratings.  The company also continues
to carry Fitch rating's "BB-" LT Issuer default ratings.


GERDAU AMERISTEEL: Sues US EPA Over Johnson Memo Reconsideration
----------------------------------------------------------------
Gerdau Ameristeel Corporation is suing US EPA over its policy for
beginning to regulate greenhouse gases from stationary sources,
Steel Guru News reports.  The report relates that the company
filed a lawsuit asking the U.S. District Court of Appeals for the
District of Columbia to review EPA's reconsideration of the so
called Johnson Memo.

According to the report, Gerdau Ameristeel Corporation filed
separate lawsuits asking the U.S. District Court of Appeals for
the District of Columbia to review EPA's reconsideration of the so
called Johnson Memo.  The report relates that both industry groups
are also challenging EPA's endangerment finding, a determination
that greenhouse gases threaten public health and welfare.

The report notes that EPA disclosed in March 2010 that it plans to
begin regulating some large stationary facilities in January 2011,
when automakers must begin to comply with the agency's tailpipe
standards for greenhouse gas emissions.  The report relates that
both industry groups are also challenging EPA's endangerment
finding, a determination that greenhouse gases threaten public
health and welfare.

Proponents of EPA's climate policies argue that the 2007 US
Supreme Court decision in Massachusetts vs. EPA requires the
agency to move forward with greenhouse gas standards for cars, a
move that triggers requirements to limit stationary sources' heat
trapping emissions, Steel Guru says.   The report says that the
challenges from the steel groups are the latest in a series of
lawsuits filed against the Johnson memo reconsideration.

Earlier this month, the report notes, the Clean Air Implementation
Project, which includes petroleum, chemical, pharmaceutical, glass
and other industries also petitioned the court to reconsider EPA's
determination.  That case was consolidated with a petition from a
coalition led by the limited government Southeastern Legal
Foundation, the report adds.

                      About Gerdau Ameristeel

Headquartered in Tampa, Florida, Gerdau Ameristeel Corporation
(NYSE: GNA; TSX: GNA.TO) -- http://www.ameristeel.com/-- is a
mini-mill steel producer in North America.  The company's products
are sold to steel service centers, steel fabricators, or directly
to original equipment manufactures for use in a variety of
industries, including construction, cellular and electrical
transmission, automotive, mining and equipment manufacturing.

                           *     *     *

As of January 12, 2010, the company continues to carry Moody's Ba1
LT Corp Family rating, Senior Unsecured Debt rating, and
probability of default rating.  The company also continues to
carry Standard and Poor's BB+ Issuer Credit ratings.


GERDAU AMERISTEEL: Parent Agrees to Pay US$1.7 Billion for Firm
---------------------------------------------------------------
Alexander Cuadros at Bloomberg News reports that Gerdau SA agreed
to pay US$1.7 billion to take full control of its U.S. unit Gerdau
Ameristeel Corp.

According to the report, Gerdau SA said it will pay US$11 a share
in cash for the 33.7% of Gerdau Ameristeel it doesn't already own.
While the deal is "expensive," it's "a positive signal on the
outlook for U.S. steel markets," Barclays Plc analysts Leonardo
Correa and Renato Antunes wrote in a note obtained by the news
agency.  The report relates that Barclays rates the shares
"underweight."

Bloomberg News says that Bank of America analysts Felipe Hirai and
Thiago Lofiego said that Gerdau SA is also likely to benefit as
steel demand in Brazil and the U.S. recovers.  The analysts said
that they raised their rating to "neutral" from "underperform."

                        About Gerdau S.A.

Headquartered in Porto Alegre, Brazil, Gerdau S.A. --
http://www.gerdau.com.br/-- produces and distributes crude
steel and related long rolled products, drawn products, and long
specialty products.  In addition to Brazil, Gerdau operates in
Argentina, Canada, Chile, Colombia, Uruguay, India and the
United States.

                           *     *     *

As of June 19, 2009, the company continues to carry Moody's Ba1 LT
Corp Family rating and Ba1 Senior Unsecured Debt Ratings.

                      About Gerdau Ameristeel

Headquartered in Tampa, Florida, Gerdau Ameristeel Corporation
(NYSE: GNA; TSX: GNA.TO) -- http://www.ameristeel.com/-- is a
mini-mill steel producer in North America.  The company's products
are sold to steel service centers, steel fabricators, or directly
to original equipment manufactures for use in a variety of
industries, including construction, cellular and electrical
transmission, automotive, mining and equipment manufacturing.

                           *     *     *

As of January 12, 2010, the company continues to carry Moody's Ba1
LT Corp Family rating, Senior Unsecured Debt rating, and
probability of default rating.  The company also continues to
carry Standard and Poor's BB+ Issuer Credit ratings.


GERDAU SA: Agrees to Pay US$1.7 Billion for Gerdau Ameristeel
-------------------------------------------------------------
Alexander Cuadros at Bloomberg News reports that Gerdau SA agreed
to pay US$1.7 billion to take full control of its U.S. unit Gerdau
Ameristeel Corp.

According to the report, Gerdau SA said it will pay US$11 a share
in cash for the 33.7% of Gerdau Ameristeel it doesn't already own.
While the deal is "expensive," it's "a positive signal on the
outlook for U.S. steel markets," Barclays Plc analysts Leonardo
Correa and Renato Antunes wrote in a note obtained by the news
agency.  The report relates that Barclays rates the shares
"underweight."

Bloomberg News says that Bank of America analysts Felipe Hirai and
Thiago Lofiego said that Gerdau SA is also likely to benefit as
steel demand in Brazil and the U.S. recovers.  The analysts said
that they raised their rating to "neutral" from "underperform."

                        About Gerdau S.A.

Headquartered in Porto Alegre, Brazil, Gerdau S.A. --
http://www.gerdau.com.br/-- produces and distributes crude
steel and related long rolled products, drawn products, and long
specialty products.  In addition to Brazil, Gerdau operates in
Argentina, Canada, Chile, Colombia, Uruguay, India and the
United States.

                           *     *     *

As of June 19, 2009, the company continues to carry Moody's Ba1 LT
Corp Family rating and Ba1 Senior Unsecured Debt Ratings.

                      About Gerdau Ameristeel

Headquartered in Tampa, Florida, Gerdau Ameristeel Corporation
(NYSE: GNA; TSX: GNA.TO) -- http://www.ameristeel.com/-- is a
mini-mill steel producer in North America.  The company's products
are sold to steel service centers, steel fabricators, or directly
to original equipment manufactures for use in a variety of
industries, including construction, cellular and electrical
transmission, automotive, mining and equipment manufacturing.

                           *     *     *

As of January 12, 2010, the company continues to carry Moody's Ba1
LT Corp Family rating, Senior Unsecured Debt rating, and
probability of default rating.  The company also continues to
carry Standard and Poor's BB+ Issuer Credit ratings.


GERDAU SA: Moody's Rtngs. Unmoved by Possible Ameristeel Share Buy
------------------------------------------------------------------
Moody's Investors Service has commented that the Ba1 ratings and
stable outlook of Gerdau S.A. and Gerdau Ameristeel Corp. are
unaffected by the announcement that the company has proposed to
acquire all of the outstanding shares owned by the minority
shareholders of Ameristeel for US$11 in cash per share,
representing a total cash disbursement of about US$1.6 billion.
The deal is expected to be concluded in August 2010.  In Moody's
view, Gerdau's liquidity position and overall debt protection
metrics pro-forma for the deal would still remain adequate for the
Ba1 rating.

Moody's last rating action on Gerdau and Ameristeel occurred on
December 19, 2008, when Moody's affirmed their Ba1 ratings and
reviewed their outlook to stable from positive as a reflex Moody's
expectations for weakened debt protection metrics over the near
term as a consequence of the rapid deterioration of the steel
industry conditions globally.

Gerdau S.A., headquartered in Porto Alegre, Brazil, is the largest
long steel producer in the Americas, with consolidated net
revenues of approximately US$14 billion in the last twelve months
ended on March 31, 2010.  Gerdau Ameristeel, headquartered in
Tampa, Florida, serves customers in the U.S. and Canada through a
vertically integrated network of 19 mini mills, 23 scrap recycling
facilities and 60 downstream operations.  The company had net
revenues of US$4.3 billion in LTM March 31, 2010.


GOL LINHAS: Discloses IATA Membership
-------------------------------------
GOL Linhas Aereas Inteligentes S.A. has joined the International
Air Transport Association, an international trade body,
representing approximately 230 airlines comprising 93% of
scheduled international air traffic.

As a member, GOL will take part in global discussions and vote on
issues regarding the development of the commercial aviation
industry.  GOL Linhas will also participate in forums and have
access to updated studies and indicators.  Additionally, GOL will
have full member voting rights, which provides the Company with a
voice in setting industry-wide standards that govern airline
operations in order to ensure passenger safety.  IATA also
promotes constructive debate on improving operational efficiency
and infrastructure.

"We are delighted to be part of IATA.  Our membership comes at a
very important moment for industry, which is undergoing profound
changes, as well as our company, as we continue to increase our
international presence via code-share agreements with leading
carriers," says Constantino de Oliveira Junior, GOL's president.
GOL has already enacted a number of changes in preparation of
joining the association, including IOSA (IATA Operational Safety
Audit) registration from IATA.  The IOSA certificate is recognized
as the global standard for assessing airlines' operational safety
and controls, and is indispensable to an aviation company to be
admitted as a full member of the association.

                       About GOL Linhas

Based in Sao Paulo, Brazil, GOL Intelligent Airlines aka GOL
Linhas Areas Inteligentes S.A. -- http://www.voegol.com.br/--
through its subsidiary, GOL Transportes Aereos S.A., provides
airline services in Brazil, Argentina, Bolivia, Uruguay, and
Paraguay.  The company's services include passenger, cargo, and
charter services.  As of March 20, 2006, Gol Linhas provided 440
daily flights to 49 destinations and operated a fleet of 45 Boeing
737 aircraft.  The company was founded in 2001.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 31, 2010, Fitch Ratings has upgraded Gol Linhas Aereas
Inteligentes S.A.'s ratings:

  -- Foreign and Local Currency long-term Issuer Default Ratings
     to 'BB-' from 'B+';


JBS SA: International Investors Buy 39% Of Brazil JBS Share Offer
-----------------------------------------------------------------
JBS SA said that international investors bought 39% of the shares
in its primary offering on the Brazilian Stock Exchange, Rogerio
Jelmayer at Dow Jones Newswires reports.  The report relates that
the company raised a total of BRL1.6 billion (US$875 million) from
the operation.

According to the report, the company said it sold 200 million
common shares in the offer, with each share priced at BRL8.00.
The report relates that that foreign investors acquired 77.5
million shares.

JBS SA, the report notes, said that the proceeds will be used to
finance its expansion plans, working capital and general expenses.

BTG Pactual, J.P. Morgan, Banco Santander, Bradesco BBI, and BB
Banco de Investimento coordinated the offer.

                           About JBS SA

JBS SA is one of the world's largest beef producers with
operations in Brazil, the United States, Argentina, Australia and
Italy.  The company is the largest producer and exporter of fresh
meat and meat by-products in Brazil, Argentina and Australian and
the third largest in the USA.

                           *     *     *

As of April 28, 2010, the company continues to carry Moody's B1
long term rating, long-term corporate family rating, and senior
unsecured debt rating.  The company also continues to carry
Standard and Poor's B+ Issuer Credit ratings.


TAM SA: Signs Financing Agreement With Caixa Economica
------------------------------------------------------
Tam SA signed an agreement with Caixa Economica Federal to help
finance purchases of Tam air tickets and package holidays, Laura
Price at Bloomberg News reports, citing Libano Barroso, chief
executive officer of the airline.

According to the report, Mr. Barroso said that clients will be
able to pay for tickets in installments from 10 months to 36
months at "competitive" interest rates.  The financing has been
available in April in Sao Paulo and May in the rest of Brazil.

Headquartered in Brasilia, Caixa Economica Federal --
http://www.caixa.gov.br/-- is a Brazilian bank and one of the
largest government-owned financial institutions in Latin America.
Founded in Jan. 12, 1861, Caixa Economica is the second biggest
Brazilian bank, second only to Banco do Brasil, and offers
services in thousands of Brazilian towns, ranking third in Brazil
in number of branches.  The company has more than 32 million
accounts and controls more than US$170 billion.  It is responsible
for executing policies in the areas of housing and basic
sanitation, the administration of social funds and programs and
federal lotteries.

                           *     *     *

Caixa Economica Federal continues to carry a Ba2 foreign currency
deposit rating from Moody's Investors Service.  The rating was
assigned by Moody's in May 2008.

                           About TAM SA

Based in Sao Paulo, Brazil, TAM S.A. -- http://www.tam.com.br/--
has business agreements with the regional airlines Pantanal,
Passaredo, Total and Trip.  As of Jan. 14, the daily flight on the
Corumba -- Campo Grande route in Mato Grosso do Sul began to be
operated by a partnership with Trip.  With the expansion of the
agreement with NHT, TAM will now be serving 82 destinations in
Brazil, 45 of which with its own flights.  In addition, the
company is strengthening its presence in Rio Grande do Sul and
Santa Catarina.

                           *     *     *

As of May 20, 2010, the company continues to carry Standard and
Poor's "B+" LT Issuer credit ratings.  The company also continues
to carry Fitch rating's "BB-" LT Issuer default ratings.


==========================
C A Y M A N  I S L A N D S
==========================


ABASTECIMIENTOS: Creditors' Proofs of Debt Due on August 16
-----------------------------------------------------------
The court-appointed trustee for Abastecimientos Publicitarios
S.R.L.'s bankruptcy proceedings, will be verifying creditors'
proofs of claim until August 16, 2010.


ACEITERA DONA: Requests for Preventive Contest
----------------------------------------------
Aceitera Do¤a Julia SRL requested for preventive contest.

The company stopped making payments last May.


EXEL MED: Creditors' Proofs of Debt Due on August 23
----------------------------------------------------
The court-appointed trustee for Exel Med S.A.'s bankruptcy
proceedings, will be verifying creditors' proofs of claim until
August 23, 2010.


GATE SME: S&P Takes Various Rating Actions on Three CLO Deals
-------------------------------------------------------------
Standard & Poor's Ratings Services took various rating actions on
three GATE SME CLO transactions.

Specifically, S&P:

  -- Lowered and removed from CreditWatch negative its credit
     ratings on GATE SME CLO 2005-1 Ltd.'s class G notes and on
     GATE SME CLO 2005-2 Ltd.'s class D, E, F, and G notes;

  -- Lowered and kept on CreditWatch negative its ratings on GATE
     SME CLO 2006-1 Ltd.'s class B, C, D, and E notes;

* Affirmed its ratings on GATE 2005-1's class A to F notes and
  GATE 2005-2's class C notes; and

* Placed on CreditWatch negative its rating on GATE 2006-1's class
  A notes.

The actions follow a performance review of the transactions'
respective reference portfolios following S&P's CreditWatch
placement of certain notes in February 2010.

S&P's review focused primarily on credit migration and the share
of defaulted assets in the respective reference portfolios, as
well as on the relative erosion of credit enhancement due to loss
allocations.  The loss allocation is more pronounced in the GATE
2005-2 and 2006-1 transactions (reported as 0.96% and 0.63% of the
initial reference balance, respectively), whereas in GATE 2005-1
allocated losses amount to only 0.02% of the initial reference
portfolio.

As outlined on Feb. 10, 2010, when S&P first placed its ratings in
these transactions on CreditWatch negative, all three reference
portfolios have experienced a deterioration in credit quality over
the past 18 months.  In S&P's view, the extent of deterioration is
such that for some of the notes there is insufficient credit
enhancement available, relative to the riskiness of the pool, to
maintain their current ratings.  Therefore, S&P has lowered the
ratings to levels commensurate with the risk characteristics of
the portfolios.

Although S&P has removed GATE 2005-1 and 2005-2's notes from
CreditWatch negative, S&P has placed GATE 2006-1's class A notes,
and kept its entire capital structure, on CreditWatch negative.
The rating actions address the credit risk on a portfolio level.
S&P's analysis has, however, further indicated that there has been
an increase in the level of obligor concentration exposure in GATE
2006-1.  S&P will further review these concentration issues and
will resolve the CreditWatch placements once S&P has assessed the
idiosyncratic risk these issues represent.

                           Ratings List

                         Ratings Affirmed

                       GATE SME CLO 2005-1
               EUR151.5 Million Credit-Linked Notes

                        Class       Rating
                        -----       ------
                        A           AAA
                        B           AAA
                        C           AA
                        D           A
                        E           A
                        F           BBB

                       GATE SME CLO 2005-2
                EUR45 Million Floating-Rate Notes

                        Class       Rating
                        -----       ------
                        C           AAA

       Ratings Lowered and Removed From CreditWatch Negative

                       GATE SME CLO 2005-1
              EUR151.5 Million Credit-Linked Notes

                               Rating
                               ------
           Class       To                  From
           -----       --                  ----
           G           B                   BB+/Watch Neg

                       GATE SME CLO 2005-2
                EUR45 Million Floating-Rate Notes

                               Rating
                               ------
           Class       To                  From
           -----       --                  ----
           D           AA-                 AA/Watch Neg
           E           BBB                 A/Watch Neg
           F           B                   BBB/Watch Neg
           G           CCC-                BB/Watch Neg

               Rating Placed on CreditWatch Negative

                       GATE SME CLO 2006-1
         EUR185 Million Floating-Rate Credit-Linked Notes

                               Rating
                               ------
           Class       To                  From
           -----       --                  ----
           A           AAA/Watch Neg       AAA

         Ratings Lowered and Kept on CreditWatch Negative

                       GATE SME CLO 2006-1
         EUR185 Million Floating-Rate Credit-Linked Notes

                               Rating
                               ------
           Class       To                  From
           -----       --                  ----
           B           AA-/Watch Neg       AA/Watch Neg
           C           A-/Watch Neg        A/Watch Neg
           D           BBB-/Watch Neg      BBB/Watch Neg
           E           B+/Watch Neg        BB/Watch Neg


MADEIMPRES SA: Asks for Preventive Contest
------------------------------------------
Madeimpres SA asked for preventive contest.


RETRIEVERS SA: Creditors' Proofs of Debt Due on July 5
------------------------------------------------------
Mirta Calfun de Bendersky, the court-appointed trustee for
Retrievers SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until July 5, 2010.

Ms. de Bendersky will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 13 in Buenos Aires, with the assistance of Clerk
No. 26, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the comapny and its creditors.

The Trustee can be reached at:

         Mirta Calfun de Bendersky
         Avenida Santa Fe 2521
         Argentina


=============
J A M A I C A
=============


DIGICEL GROUP: Loses Appeal, Call Rates Could Fall
--------------------------------------------------
The Telecommunications Appeals Tribunal has upheld a 2004
declaration by the Office of Utilities Regulation that declared
all mobile phone services providers dominant and could pave the
way for lower phone call rates, Jamaica Observer reports.  The
report relates that Digicel Group took an appeal from the
declaration.

According to the report, Mossel Jamaica Limited, of which Digicel
is the trading name, took exception to the ruling that declared
all "dominant in call termination services." The report relates
that this means that it has an effective monopoly in charging each
other to terminate calls on their respective networks.

The Observer notes that the high termination rates are held in
Jamaica to be a major factor in maintaining both high call rates
and market share, since it is cheaper to make and receive calls
within any one network.  The report says that Claro and LIME have
both accused market leader Digicel of anti-competitive behaviour
in this respect.

According to The Observer, the decision frees the OUR to determine
whether the companies have impeded the maintenance or development
of effective and fair competition in the market.

                        About Digicel Group

Digicel Group -- http://www.digicelgroup.com-- is renowned for
competitive rates, unbeatable coverage, superior customer care, a
wide variety of products and services and state-of-the-art
handsets. By offering innovative wireless services and community
support, Digicel has become a leading brand across its 31 markets
worldwide.

Digicel is incorporated in Bermuda and now has operations in 31
markets worldwide. Its Caribbean and Central American markets
comprise Anguilla, Antigua & Barbuda, Aruba, Barbados, Bermuda,
Bonaire, the British Virgin Islands, the Cayman Islands, Curacao,
Dominica, El Salvador, French Guiana, Grenada, Guadeloupe, Guyana,
Haiti, Honduras, Jamaica, Martinique, Panama, St Kitts & Nevis,
St. Lucia, St. Vincent & the Grenadines, Suriname, Trinidad &
Tobago and Turks & Caicos. The Caribbean company also has coverage
in St. Martin and St. Barths. Digicel Pacific comprises Fiji,
Papua New Guinea, Samoa, Tonga and Vanuatu.

                           *     *     *

As of January 14, 2010 the company continues to carry these low
ratings from Moody's:

   -- LT Corp Family Rating at B2
   -- Senior Undecured Debt Rating at Caa1
   -- probability of Default at B2


SUGAR COMPANY OF JAMAICA: Investors Seek Remaining Factories
------------------------------------------------------------
The Jamaican government has received eight expressions of interest
from local and international investors for the purchase of Sugar
Company of Jamaica Holdings Limited's three remaining state-run
sugar factories, Frome, Monymusk and Bernard Lodge, RadioJamaica
reports.  The report relates that the submissions were presented
ahead of last week's deadline set by the Development Bank of
Jamaica.

According to the report, Minister of Agriculture Dr. Christopher
Tufton said that negotiations will begin this week for the sale of
the factories.  "I am pleased to advise . . . that eight
expressions of interest were returned at the designated deadline
of May 25, 2010.  Of the eight expressions two are from Europe,
two from the United States, one from China and the other three
local.  ACG Holdings has had discussions with these interests and
negotiations will ensue commencing this week," the report quoted
Dr. Tufton as saying.

                           About SCJ

The Sugar Company of Jamaica Holdings Limited, a.k.a. SCJ, was
formed in November 1993 by a consortium made up of J. Wray &
Nephew Limited, Manufacturers Investments Limited and Booker Tate
Limited.  The three companies each held 17% equity in SCJ, with
the remaining 49% being held by the government of Jamaica.  In
1998, the government became the sole shareholder of SCJ by
acquiring the interests of the members of the consortium. Its
stated goal was to maximize efficiency, productivity and
profitability of the three sugar factories, within three years.
The principal activities of the company are the cultivation of
cane and the manufacture and sale of sugar and molasses.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 22, 2009, the Jamaica Gleaner reported that Agriculture and
Fisheries Minister Christopher Tufton said that if a new deal is
not inked soon for the divestment of SCJ's factories, the public
will be called on again to plug a projected US$4.2 billion hole --
representing a US$2 billion operational loss, and bank penalties
-- apparently from continuous hefty overdrafts.  The loss was
incurred by the SCJ's four factories during the 2008/2009 season.
The Gleaner related the enterprise has a US$21-billion debt and
losses totaling more than US$14 billion since 2005.


===========
M E X I C O
===========


BANCO DEL BAJIO: Fitch Affirms 'BB+' Issuer Default Rating
----------------------------------------------------------
Fitch Ratings has affirmed Mexico's Banco del Bajio's ratings:

Bajio:

  -- Long-term Issuer Default Rating at 'BB+';
  -- Short-term IDR at 'B';
  -- Long-term local currency IDR at 'BB+';
  -- Short-term local currency IDR at 'B';
  -- Individual rating at 'C/D';
  -- Support at '5';
  -- Support Rating Floor at 'NF';
  -- National-scale long-term rating at 'A+(mex)';
  -- National-scale short-term rating at 'F1(mex)'.

The Rating Outlook is Stable, including for the national-scale
rating, which was revised from Positive.

Bajio's ratings reflect its good franchise in its core region,
adequate loss absorption capacity, relatively modest risk appetite
and good performance of its originated loans.  They also consider
fierce competition and the recently growing credit costs in the
acquired mortgage portfolios, as well as ongoing challenges to
further improve revenue diversification and its funding mix.

Like most banks, Bajio's net income was significantly affected
during the recent downturn, but in Fitch's opinion, it should be
able to restore historical profitability levels (at least
partially) relatively rapid, given its well-sustained margins,
adequate operating efficiency and the event-driven nature of most
loan loss provisions.  The impairment level within the mortgage
portfolio has continued to worsen at a quick pace, with the
delinquency ratio reaching 14.3% at first quarter 2010 (1Q'10)
(YE2008: 10.3%).  Bajio's funding profile has been very stable,
with deposits and money market funds accounting for 82% of total
liabilities as of 1Q'10, but the loans/deposits ratio at 145% is
higher and relatively riskier than that of its closest peers.
Capital growth has been in line with the sustained expansion in
assets and loans.  Bajio's capital base is largely unencumbered
core capital.

In Fitch's view, Bajio's Individual rating and IDRs would be
positively influenced over time by sustained improvements in core
profitability, revenue diversification, funding and liquidity,
while maintaining capital and asset quality metrics.  In turn,
downward pressure for the ratings could arise from a potential
decrease in its loss absorption capacity and/or inability to
contain weakening asset quality.

Bajio is a medium-sized bank created in Leon, Guanajuato in 1994
by a group of regional investors to serve customers in
western/central Mexico, where it maintains a strong and growing
competitive position.  Initially focused on small and medium
enterprises and agriculture financing, it has grown increasingly
diversified, with commercial and mortgage loans being its core
products at present.  Spain's Banco de Sabadell holds a 20% stake
in Bajio, and the World Bank's IFC, 10%.  Bajio wholly owns
Financiera Bajio, the resulting entity of two mortgage companies
acquired in the past, as well as a venture capital vehicle or
SINCA (real estate holdings) and a 50% stake in Afore Afirme Bajio
(pension management).  Bajio has continued to rapidly grow its
distribution network to 199 branches and 331 ATMs at 1Q'10.


CEMEX SAB: Discloses Cash Payment of "Certificados Bursatiles"
--------------------------------------------------------------
CEMEX, S.A.B. de C.V. disclosed the early payment of
MX$2,641,890,675.23 in "Certificados Bursatiles" following the
public cash tender offer to redeem outstanding Certificados
Bursatiles.  The Offer has received approval from the Comision
Nacional Bancaria y de Valores.

CEMEX will partially redeemed the following series of Certificados
Bursatiles as a result of the Offer:

   -- Series with ticker CEMEX 08 and maturity on
      November 5, 2010 will be partially redeemed by a nominal
      amount of MX$483,004,100.00.

   -- Series with ticker CEMEX 07U and maturity on November 26,
      2010 will be partially redeemed by a nominal amount of
      MX$627,983,775.23.

   -- Series with ticker CMX0002 06 and maturity on March 10,
      2011 will be partially redeemed by a nominal amount of
      MX$75,000,000.00.

   -- Series with ticker CEMEX 06 maturity on March 10, 2011 will
      be partially redeemed by a nominal amount of
      MX$1,455,902,800.00.

The Offer period was from May 6, 2010 to June 2, 2010.  The series
of Certificados Bursatiles included in the Offer represent all
long term Certificados Bursatiles issued by CEMEX that mature
between today and March 10, 2011.  As a result of the Offer, CEMEX
is partially prepaying the Certificados Bursatiles mentioned
above.

A cash tender offer prospectus was published on May 6, 2010,
describing the terms and conditions of the Offer.  CEMEX will
prepay the Certificados Bursatiles validly tendered at the price
determined by the Company in accordance with the provisions of the
Prospectus.  This Prospectus has been disclosed to the public and
can be accessed through the website of the Bolsa Mexicana de
Valores, SAB. of C.V., of the Comision Nacional Bancaria y de
Valores and the CEMEX.

CEMEX has sufficient funds available to conduct the Offer, having
secured funding from the issuance of the optional convertible
subordinated notes on March 30, 2010.  The settlement date will be
June 4, 2010.

Casa de Bolsa BBVA Bancomer and Casa de Bolsa Santander acted as
Joint Issuers and Casa de Bolsa HSBC acted as Co-Leader of the
Offer.

                       About CEMEX SAB

CEMEX, S.A.B. de C.V. is a Mexican corporation, a holding company
of entities which main activities are oriented to the construction
industry, through the production, marketing, distribution and sale
of cement, ready-mix concrete, aggregates and other construction
materials.  CEMEX is a public stock corporation with variable
capital (S.A.B. de C.V.) organized under the laws of the United
Mexican States, or Mexico.

                           *     *     *

As of May 20, 2010, the company continues to carry Standard and
Poor's "B" LT Issuer credit ratings.  The company also continues
to carry Fitch rating's "B" LT Issuer Default ratings and "B+"
Currency LT Debt ratings.  Cemex is seeking US$1.3 billion in
compensation for the seizure of its assets.  The government of
President Hugo Chavez has offered about a third of that.


GMAC FINANCIERA: S&P Downgrades Ratings on 11 RMBS Tranches
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 11
residential mortgage-backed securities tranches from transactions
originated by GMAC Financiera S.A. de C.V. S.F.O.M. E.N.R and
lowered its underlying ratings on two of those tranches.  At the
same time, S&P placed its ratings on two of those tranches on
CreditWatch with negative implications and affirmed its rating on
another tranche.

The lowered ratings reflect the sustained deterioration of the
related transactions' credit enhancement, particularly since its
last review of those deals in June 2009, due to rising
delinquencies and defaults.  S&P expects these transactions'
performance to continue deteriorating due to the effects the
global economic crisis had on the Mexican economy, such as
increasing unemployment rates and shrinking disposable household
incomes.  Although the Mexican economy has started to recover, the
recovery is unequal among the different economic sectors; recovery
in employment rates and disposable income may lag for some time.
In addition, the repossession and liquidation of the foreclosed
loans' underlying collateral (houses) are taking longer than what
S&P had originally anticipated.

S&P's 'BB+' global scale rating and 'mxA' Mexican national scale
rating on GMAC Financiera - Bursatilizaciones de Hipotecas
Residenciales II's MXMACFW 07-3U certificates are based on the
full financial guarantee insurance policy provided by MBIA
Insurance Corp. (BB+/Negative/-- insurer financial strength
rating).  its 'BB+' global scale rating and 'mxA' Mexican national
scale rating on the MXMACFW 07-5U certificates are based on the
full financial guarantee insurance policy provided by MBIA Mexico
S.A. de C.V. (mxA/Negative/-- CaVal (Mexico) national scale
rating; BB+/Negative/-- insurer financial strength rating).
Although Financial Guaranty Insurance Co. (not rated) provides a
full financial guarantee insurance policy for the MXMACFW 06U and
MXMACFW 07U certificates, its ratings on those tranches reflect
the transactions' underlying strength since FGIC is not rated by
Standard & Poor's.  Under its criteria, the issue rating on an
insured bond reflects the higher of the rating on the bond insurer
(monoline) or the SPUR on the security.

S&P's affirmed rating on the MXMACCB 04U certificates reflects the
tranche's sufficient credit enhancement levels, considering the
transaction's collateralization and excess spread, which continue
to support the assigned rating under observed and projected
performance scenarios.  It is important to note, however, that
further severe weakening beyond its projections would warrant a
new review of the transaction.

The ratings on the MXMACCB 05-2U and MXMACCB 06U certificates were
placed on CreditWatch negative based on the high concentration of
loans in those tranches that were originated and are serviced by
Hipotecaria Credito y Casa S.A. de C.V. S.F.O.L. (not ranked as a
servicer).  Credito y Casa is currently undergoing a liquidation
process and, according to those transactions' documents, the
servicer will be replaced.  When S&P receive a formal proposal of
the servicer's replacement, S&P will assess the impact, if any,
that a replacement servicer may have on these transactions-
considering the replacement servicer's capabilities to service a
portfolio originated by a third party, the transfer process, and
the associated cost-in order to resolve the CreditWatch placement.

The MXMACCB 05U, MXMACCB 05-2U, and MXMACCB 06U certificates each
have a partial credit guarantee that is provided by the
International Finance Corp. (AAA/Stable/--).  The PCG may be used
to cover shortfalls in scheduled interest payments on the
certificates or to pay down the certificates' principal balance in
order to restore the certificates' collateralization levels to
parity between the current loans (defined as loans that are
delinquent for less than 180 days) and the certificates'
liabilities.  The MXMACCB 05-2U and MXMACCB 06U certificates have
partially drawn on their respective PCG to pay down their
respective principal balance, which has resulted in interest
payments (at a rate of 9% in Unidades de Inversion) on disbursed
amounts that, in its analysis, are significant in the
transactions' cash flows when compared with the different interest
rates on the certificates and are senior to the certificates'
principal repayment according to those transactions' legal
documents.  S&P estimates that the MXMACCB 05U certificates will
soon draw amounts under its PCG as well, and that the interests
generated under the drawn amounts will affect the transaction's
excess spread in a manner similar to what is currently occurring
with the MXMACCB 05-2U and MXMACCB 06U certificates.  Its ratings
on the MXMACCB 05U, MXMACCB 05-2U, and MXMACCB 06U certificates
reflect the transactions' cash flow analysis, including the
projected interest on the PCG.

S&P estimated the transactions' delinquency, default, and current
credit enhancement levels according to its methodology and
assumptions.  S&P used LEVELS Mexico to determine the
transactions' updated foreclosure frequency and loss severity
levels.  S&P then used its Mexican RMBS cash flow model to
determine each transaction's new rating based on the transaction's
financial position, projected performance, and structure.  S&P
modeled each transaction's expected recovery from asset
liquidation consistent with LEVELS Mexico output and its current
methodology and assumptions.

GMAC Financiera, in its role as a master servicer, has been
working with the transactions' primary servicers to restructure
some of the defaulted loans underlying the transactions, and the
restructured loans appear to be benefiting the related
transactions' financial position and cash flow.  S&P will continue
to closely monitor the restructured loans' performance for
recidivism, which could result in higher foreclosures and loss
severities.

As S&P had noted in its Dec. 22, 2009, Mexican RMBS Index, S&P
anticipates rating actions on some of the weaker Mexican RMBS
transactions, particularly those that have low levels of current
credit protection due to high defaults and low excess spread.

                         Ratings Lowered

      GMAC Financiera-Bursatilizaciones de Hipotecas Residenciales

              Current                                         Amount
  Tranche     collateralization (%)*   Rating To Rating From  (mil. UDIs)
  -------     ----------------------   --------- -----------  -----------
MXMACCB 05U                2.57        mxBBB+    mxAA-         61.7
MXMACFW 06U             (61.40)        mxCCC     mxBBB         115.5
MXMACFW 06U             (61.40)        CC        B             115.5
MXMACFW 06-2U           (83.19)        mxCC      mxBB-          15.6
MXMACFW 07U              (8.10)        mxA       mxAA-         159.3
MXMACFW 07U              (8.10)        BB        BBB-          159.3
MXMACFW 07-2U           (18.05)        mxBBB     mxA            14.6

    GMAC Financiera-Bursatilizaciones de Hipotecas Residenciales II

              Current                                         Amount
  Tranche     collateralization (%)*  To            From      (mil. UDIs)
  -------     ----------------------  --            ----      -----------
MXMACFW 07-3U           (18.22)       mxA           mxA+          228.0
MXMACFW 07-3U           (18.22)       BB+/B+        BB+/BB+       228.0
MXMACFW 07-4U           (27.65)       mxBB-         mxA            18.1
MXMACFW 07-5U           (31.84)       mxA           mxA+          127.1
MXMACFW 07-5U           (31.84)       BB+/CCC       BB+/BB+       127.1
MXMACFW 07-6U           (47.28)       mxCCC         mxBBB          14.8

           Ratings Lowered And Placed On Watch Negative

     GMAC Financiera-Bursatilizaciones de Hipotecas Residenciales

              Current                                         Amount
  Tranche     collateralization (%)*  To               From   (mil. UDIs)
  -------     ----------------------  --               ----   -----------
MXMACCB 05-2U            (1.88)       mxA+/Watch Neg    mxAA         92.8
MXMACCB 06U              (1.04)       mxBBB+/Watch Neg  mxAA+        79.5

                         Ratings Affirmed

      GMAC Financiera-Bursatilizaciones de Hipotecas Residenciales

                Current                                      Amount
Tranche        collateralization (%)*    Rating             (mil. UDIs)
-------        ----------------------    ------             -----------
MXMACCB 04U                (1.22)        mxAA+              135.4

* S&P calculated each transaction's credit protection by
  subtracting the quotient of the liabilities' outstanding amount
  and the current portion of the collateral (using standardized
  defaults according to Standard & Poor's RMBS index methodology)
  from one, and then adding the result to the subordinated
  tranche's amount or the available partial credit guarantee
  amount (each expressed as a percentage).  Negative percentages
  represent transactions with more liabilities than current assets
   (negative equity).

                   UDIs-Unidades de Inversion.
            SPUR-Standard & Poor's Underlying Rating.


TRANTEL INTERMEDIA: Fitch Withdraws 'D' Rating After Default
------------------------------------------------------------
Fitch Ratings has withdrawn 'D' ratings of Trantel Intermedia S.A.
given the lack of information following the company's default on
Dec. 23, 2008, and consistent with Fitch's policies.

Fitch will no longer provide ratings or credit research on this
issuer.


VESPUCIO NORTE: S&P Affirms 'BB' Rating; Gives Stable Outlook
-------------------------------------------------------------
On June 2, 2010, Standard & Poor's Ratings Services affirmed its
'BB' underlying rating on Vespucio Norte Express and removed it
from CreditWatch with negative implications, where it was placed
on March 12, 2010.  The outlook is stable.  At the same time, S&P
affirmed its 'BB+' wrapped rating on VNE's notes, reflecting the
ratings on bond insurance provider MBIA Insurance Corp.
(BB+/Negative/--).

The affirmation of the SPUR takes into consideration its
expectation that the project would get substantial insurance
coverage for both property damages and business interruption under
its existing policies.  The affirmation also reflects its
expectation that the final financial effect of the earthquake-
related damages would not materially affect the project's
liquidity provisions.  In addition, although the earthquake damage
will delay previously expected revenue improvements, VNE's long-
term traffic fundamentals remain adequate.

The 'BB' SPUR continues to reflect these risks:

* Relatively weak financial performance, after a low initial
  traffic capture;

* Increased uncertainty about the project's ability to match
  traffic and revenue expectations;

* Dependence on strong traffic growth, which depends on continued
  GDP growth in Chile; and

* Customer-management risks associated with electronic toll
  collection.

Those weaknesses are partially mitigated by these strengths at the
current rating level:

* Strong liquidity protection in the short to medium term;

* Long-term potential traffic upside, as experienced by urban toll
  roads in Santiago Autopista Central Sociedad Concesionaria S.A.
  and Costanera Norte Sociedad Concesionaria S.A.; and

* The main sponsors' experience (Actividades de Construcci¢n y
  Servicios S.A. and Hochtief AG) in road construction and
  concession management.

S&P expects a very weak debt service coverage ratio of 0.4x-0.5x
in 2010 (excluding insurance coverage).  Assuming for 2011
revenues about 15% higher than those of 2009 (as a normal base
comparison year), the project would be able to reach a DSCR
slightly below 1x in 2011 (with the full road opened for
collection), which was its expectation for 2010 before the
earthquake.  Cash shortfall for 2010 could likely range from
Unidades de Fomento 200,000 to UF400,000, depending on actual
insurance coverage and traffic levels, which S&P expects VNE to
cover with existing liquidity.

The project benefits from strong liquidity position.  Along with a
12-month debt-service reserve account (funded with letters of
credit), the sponsors have committed to provide contingent equity
for up to UF1.8 million (approximately two years of debt service
and insurance premiums) until the project meets certain conditions
(including minimum financial performance).  In addition, as of
March 31, 2010, the project had available cash of about UF330,000
that could only be distributed to the sponsors following the
restricted payments test, which S&P considers adequate (requiring
certain minimum financial performance, including a minimum DSCR of
1.3x and that all project accounts be fully funded).

The negative outlook on the 'BB+' wrapped rating reflects that on
MBIA.  The stable outlook on the SPUR reflects the project's
strong liquidity provisions that would provide adequate protection
against potential cash shortfalls in the medium term.  S&P could
revise the outlook to negative or lower the SPUR if S&P find
evidence of poor long-term traffic fundamentals.  S&P can revise
the outlook to positive or raise the SPUR if the project shows
progress in matching revenue expectations once it restores full
operations.

                         Ratings Affirmed

        Sociedad Concesionaria Vespucio Norte Express S.A.

       Senior Secured                         BB+/Negative

           Ratings Affirmed; CreditWatch/Outlook Action

         Sociedad Concesionaria Vespucio Norte Express S.A.

                           To                        From
                           --                        ----
Senior Secured            BB/Stable                 BB/Watch Neg


VESPUCIO NORTE: S&P Affirms 'BB' Rating With Stable Outlook
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' underlying
rating on Vespucio Norte Express and removed it from CreditWatch
with negative implications, where it was placed on March 12, 2010.
The outlook is stable.  At the same time, S&P affirmed its 'BB+'
wrapped rating on VNE's notes, reflecting the ratings on bond
insurance provider MBIA Insurance Corp. (BB+/Negative/--).

The affirmation of the SPUR takes into consideration its
expectation that the project would get substantial insurance
coverage for both property damages and business interruption under
its existing policies.  The affirmation also reflects its
expectation that the final financial impact of the earthquake-
related damages would not materially erode the project's liquidity
provisions.  In addition, although the earthquake damage will
delay previously expected revenue improvements, VNE's long-term
traffic fundamentals remain adequate.


VITRO SAB: Trading Suspended in Mexico on Missed Deadline
--------------------------------------------------------
Andres R. Martinez at Bloomberg News reports that Vitro, S.A.B. de
C.V. was suspended from trading in Mexico City after failing to
file its fourth-quarter earnings report.  The company missed June
2's deadline for the results, Mexico's stock exchange said in an
e-mailed statement obtained by the news agency.

According to the report, Vitro SAB plans to file the report once
its debt restructuring is complete or if ordered by a judge.  The
report relates Vitro SAB said that the suspension won't affect
company operations.

The company's bonds were also suspended.

                         About Vitro SAB

Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:
VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases
Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a global
glass producer, serving the construction and automotive glass
markets and glass containers needs of the food, beverage, wine,
liquor, cosmetics and pharmaceutical industries.

                          *     *     *

In June 30, 2009, Galaz, Yamazaki, Ruiz Urquiza, S.C., member of
Deloitte Touche Tohmatsu and C.P.C. Jorge Alberto Villarreal in
Monterrey, N.L., Mexico raised substantial doubt about the
Company's ability to continue as a going concern after auditing
financial results for the period ended Dec. 31, 2007, and 2008.
The auditors pointed out to the Company's net loss and its non-
compliance with covenants related to its long-term debt
obligations.


VITRO SAB: Fitch Withdraws 'D' Long-Term Issuer Default Rating
--------------------------------------------------------------
Fitch Ratings has withdrawn all ratings of Vitro, S.A.B. de C.V.,
given the lack of information following the company's default on
Feb. 2, 2009, and consistent with Fitch's policies.  Fitch will no
longer provide ratings or credit research on this issuer.

Vitro is the leading producer of flat glass and glass containers
in Mexico, serving the construction, automotive, beverage, retail
and service industries.

Fitch has withdrawn these ratings for Vitro:

  -- Long-term Issuer Default Rating 'D';
  -- Long-term foreign currency IDR 'D';
  -- National scale long-term rating 'D(mex)';
  -- Certificados Bursatiles issuances 'D(mex)';
  -- US$300 million senior notes due 2012 'CC/RR4';
  -- US$225 million senior notes due 2013 'CC/RR4';
  -- US$700 million senior notes due 2017 'CC/RR4'.


=================
V E N E Z U E L A
=================


PETROLEOS DE VENEZUELA: Ships Third RBOB Shipment Abroad
--------------------------------------------------------
Petroleos de Venezuela sent its third ever shipment of RBOB
overseas, Platts.com reports.

According to the report, the vessel contains 240,000 barrels of
the gasoline blendstock, bringing to 720,000 barrels the total
PDVSA has provided to the international market since May 12, 2010.

The report relates that the RBOB is being produced and shipped
from the 635,000 b/d Amuay refinery in western Venezuela, the
largest of three refineries that make up Centro de Refinacion
Paraguana.

PDVSA officials in Caracas, the report notes, said that the US
market is the recipient because RBOB is hardly used elsewhere.
All of the PDVSA shipments are going to the US and were bought by
BP, the report adds.

                           About PDVSA

Petroleos de Venezuela -- http://www.pdvsa.com/-- is Venezuela's
state oil company in charge of the development of the petroleum,
petrochemical, and coal industry, as well as planning,
coordinating, supervising, and controlling the operational
activities of its divisions, both in Venezuela and abroad.

                           *     *     *

As of March 8, 2010, the company continues to carry Moody's "Ba1"
local currency issuer rating.  The company also continues to carry
Standard and Poor's "B+" LT Issuer credit ratings.


PETROLEOS DE VENEZUELA: Exec Inspects Alberto Lovera & HELVESA
--------------------------------------------------------------
Petroleos de Venezuela Rafael Ramirez conducted a technical civil
work inspection at the thermoelectric plant "Alberto Lovera" and
the pipe factory HELVESA.

This technical tour was conducted to verify the progress made in
civil works as well as in engineering, procurement, construction
and commissioning of two 150 MW power plants, using cycle gas
turbines with single axis, natural gas fuel and  making it
expandable for combined cycle system.

Mr. Ramirez ratified the boost that PDVSA is giving to the
Electrical Emergency Plan in the North Eastern Region by
supporting East Refining, affiliates and businesses, with which
the power supply is ensured in the Sotillo municipality,
Anzoategui state and its surrounding areas, strengthening Puerto
La Cruz refinery's power demand, which will turn 60 years of
established in September.

Mr. Ramirez accompanied by Eastern Refinery General Manager,
Fernando Padron, and the technical team responsible for the work,
certified the schedule made by Plan Inicial, which estimates that
the first unit will be running by the month of August this year.

PDVSA's President also confirmed the work dynamics and adherence
to safety measures to preserve the physical integrity of all the
workers building "Alberto Lovera".   He also noted the motivation
that prevails among the men and women building this facility.

              HELVESA Progressing at a Good Pace

Subsequently, the oil industry's highest authority visit the Large
Dimensions Helical Pipe social factory HELVESA, located in Los
Potocos, Barcelona.

Immediately a meeting was put into place with the workers, who
shared some concerns and future projects within the factory.  In
this open dialogue the Minister got to discover the strengths and
weaknesses that are currently present among the workers.

Minister Rafael Ramirez toured the facility and noted progress in
the manufacturing of pipes.  At that moment, in the night shift,
26-inch gas pipelines were made.

                           About PDVSA

Petroleos de Venezuela -- http://www.pdvsa.com/-- is Venezuela's
state oil company in charge of the development of the petroleum,
petrochemical, and coal industry, as well as planning,
coordinating, supervising, and controlling the operational
activities of its divisions, both in Venezuela and abroad.

                           *     *     *

As of March 8, 2010, the company continues to carry Moody's "Ba1"
local currency issuer rating.  The company also continues to carry
Standard and Poor's "B+" LT Issuer credit ratings.


                            ***********

Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-LA constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-LA editor holds
some position in the issuers' public debt and equity securities
about which we report.

Tuesday's edition of the TCR-LA features a list of companies
with insolvent balance sheets obtained by our editors based on
the latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR-LA. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter - Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA, Marites O. Claro, Joy A. Agravente, Rousel Elaine C.
Tumanda, Valerie C. Udtuhan, Frauline S. Abangan, and Peter A.
Chapman, Editors.


Copyright 2010.  All rights reserved.  ISSN 1529-2746.

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           * * * End of Transmission * * *